consumer products and retail quarterly update...chico's fas, inc. operates as an omnichannel...

Consumer Products and RetailQuarterly updateQ2 2019

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com

Quarterly update | Q2 2019 | Consumer Products and Retail

www.investmentbanking.deloitte.com |

Consumer products and retail trends

Who we are

Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of and transaction experience in the Consumer Products and Retail space.

Contacts

Lorin DeMordauntManaging [email protected]+1 (704) 333-0591

Matt PreeceManaging [email protected]+1 (704) 731-7186

Garett PostonManaging [email protected]+1 (213) 593-4544

In The News

June 25, 20193 – In June, HF Foods Group Inc. (HF Foods) (NASDAQ:HFFG) and B&R Global Holdings, Inc. (B&R) announced they have entered into a merger agreement. B&R will merge into HF Foods’ wholly owned subsidiary, resulting in B&R becoming a wholly owned subsidiary of HF Foods. B&R is a food wholesaler and distributor for Asian restaurants in the US. HF Foods’ management believes, following the merger, the combined company will be the largest distributor to Asian restaurants in the US. The combined business will serve in excess of 10,000 restaurants in 21 states.

June 21, 20194 – In June, Lamb Weston Holdings, Inc. (Lamb Weston) (NYSE:LW) announced it had entered into a definitive agreement to acquire Australian-based frozen potato processor, Ready Meals Pty Ltd (Ready Meals), for an undisclosed sum. Lamb Weston’s management believes the acquisition continues its strategic work to strengthen and expand Lamb Weston’s global capabilities. At the conclusion of the transaction, Lamb Weston will now operate 18 processing facilities worldwide, and an additional eight facilities in conjunction with its joint venture partners.

In this update

• Consumer trends• Economic outlook• Industry analysis• Select M&A transactions• Appendix

This update will focus on news and trends in the following areas:

• Food & Beverages• Products & Durables• Restaurant & Food

Services• Specialty Retail

Eco-friendly eats1

The growth of environmental consciousness has found a new home in the way consumers demand their products. More and more food and beverage manufacturers are shifting away from plastic packaging in an effort to reduce waste. With sustainability on the forefront of the modern-day shopper’s mind, there has been an increase in the number of companies announcing plastic-reduction efforts. These efforts include producing from recycled plastics, implementing plastic packaging alternatives, and focusing on sustainable farming and production practices.

Back to our roots2

The modern food label is filled with complex scientific ingredients that can invoke fear and uncertainty. Many Food and beverage producers have shifted away from this formulaic display in favor of a friendlier and simpler ingredient list. There has been a sharp uptick in consumer preference towards organic and natural foods, with a continuing effort in minimizing consumption of processed foods containing compounds such as artificial sweeteners and chemical preservatives.

New products and new tastes2

A radical shift in consumer preferences has led to a rise in new products designed to satisfy the palate and expectations of the 21st

century gourmet. In tandem with the growth in popularity of health and fitness, the number of consumers making an effort to eat healthier is also trending upwards. A greater number of Millennials and Gen Z shoppers are ditching soda in favor of “functional drinks” such as Kombucha and collagen-infused beverages. Probiotic-rich fermented beverages that support gut health, such as kefir, have become popular as well.

Dry drinks1

36 percent of the 16-24 year old population has indicated that they plan to abstain from alcoholic beverages. This paves the way for new non-alcoholic beverages such as alcohol-free sparkling beverages and 0.0 percent ABV beer to make inroads with the everyday consumer. At the same time, there has been a rise in non-psychoactive CBD-infused beverages aimed at promoting overall health by targeting symptoms such as nausea, anxiety, and insomnia.


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Macroeconomic and Consumer Products and Retail Sector Outlook


Macroeconomic and Consumer Products and Retail sector outlook

US Treasury Yield Curve2

(Nominal vs. Real)US Gross Domestic Product1

US Per Capita Disposable Income5 Monthly Total US Retail Sales6

US Unemployment Rate3 ISM Non-manufacturing Indexand Consumer Confidence Index4

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Initial Jobless Claims Unemployment Rate (%)

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Consumer Products and Retail Sector breakdown and trading statistics1

Public comparables three-year stock market performance2


*Consumer Index companies listed on pages 6 and 7 in the Appendix.

(20.0%)

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S&P 500 Index NASDAQ Composite Index Consumer Index

S&P 500 Index 40.13%NASDAQ Composite Index 61.67%Consumer Index* 36.58%

Last twelve months NTM

Sector Number of companies

% of 52 Week high

Median revenue

CAGR (3 Yr)

Median LTM EBITDA

($M)

Median EBITDA margin

Median enterprise value ($M)

EV/Revenue

EV/EBITDA

EV/EBITDA

Beauty & cosmetics 12 90.6 % 3.6 % $859.8 15.3 % $9,930.3 1.9 x 12.9 x 12.5 x

Food & beverage 10 93.3 0.8 2,783.3 19.8 35,032.8 2.6 16.4 15.1

Home & garden 10 87.0 4.3 700.7 15.3 8,825.3 2.1 13.0 13.4

Restaurant & food services 18 87.9 6.3 382.6 11.8 4,085.1 1.5 13.3 12.3

Apparel & specialty retail 10 72.2 6.3 467.4 14.7 6,109.8 1.4 10.3 9.9

Consumer products index 60 85.3 % 4.0 % $524.9 15.0 % $7,717.8 1.9 x 13.1 x 12.2 x


Select recent Consumer Products and Retail M&A transactions1


Annual Consumer Products and Retail M&A transaction volume2

1,983

2,479 2,772

3,041 2,874

3,213 3,199

2,603 2,369

538

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019 Q2

Num

ber

of D

eals

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

469

Announce date Target/acquiror Target Business DescriptionEnterprise

value ("EV")

EV/EBITDA

Pending Shutterfly, Inc. Arc Group

Shutterfly, Inc. manufactures and retails personalized products primarily in the United States, Canada, and the European Community.

$2,737.5 12.6

Jun-19 Smart & Final Stores, Inc. Apollo Management IX LP

Smart & Final Stores, Inc. operates as a food retailer in the United States.

2,077.5 13.2

Apr-19Portfolio of Wine and Spirits Brands and Six Winemaking Facilities of Constellation Brands, Inc.

E. & J. Gallo Winery, Inc.

Portfolio of Wine and Spirits Brands And Six Winemaking Facilities of Constellation Brands, Inc. comprises winemaking facilities in multiple states and 30 wine and spirits brands.

1,700.0 N/A

Pending Cookies and Fruit Snacks Business of Kellogg Company Ferrero International S.A.

Cookies and Fruit Snacks Business of Kellogg Company comprises business that produces cookies and fruit snacks. The asset is located in the United States.

1,300.0 N/A

Pending Chico's FAS, Inc. Sycamore Partners

Chico's FAS, Inc. operates as an omnichannel specialty retailer of women’s private branded casual-to-dressy clothing, intimates, and complementary accessories.

1,059.7 9.2

Pending Consumer Products Business of Tata Chemicals Limited Tata Global Beverages Limited

Consumer Products Business of Tata Chemicals Limited comprises a business unit that sources, packages, markets, and distributes common salt, spices, and protein food.

57,959.5 18.3

Pending Barnes & Noble Elliot Management Corporation

Barnes & Noble, Inc., a retail bookseller, sells content, digital media, and educational products in the United States.

684.8 6.1

Pending Hudson's Bay Company Abrams Capital Management LP

Hudson's Bay Company owns and operates department stores in Canada and the United States.

9,376.5 N/A

Pending Dangote Flour Mills Plc Olam International Limited

Dangote Flour Mills Plc engages in the milling of wheat and production of wheat products in Nigeria.

161,609.4 151.3

Jun-19 Wm. Bolthouse Farms, Inc. Butterfly Enterprises, LLC

Wm. Bolthouse Farms, Inc. produces fresh produce and beverages to be sold throughout a network of stores.

510.0 N/A


Appendix

Consumer Products and Retail trading multiples1


Historical Last twelve months NTM

Company (ticker)

% of 52 Week high LTM revenue

RevenueCAGR (3 Yr) LTM EBITDA

NTM EBITDA

EBITDA margin

Enterprise value ("EV")

EV/EBITDA

EV/EBITDA

($ in millions)Beauty & cosmetics (12)

Avon Products, Inc. (NYSE:AVP) 94.9 % $5,364.7 (3.2) % $492.2 $360.2 9.2 % $3,160.9 0.6 x 6.4 x 8.8 xCoty Inc. (NYSE:COTY) 77.0 8,832.5 27.2 1,304.8 1,381.4 14.8 15,660.7 1.8 12.0 11.3L'Occitane International S.A. (SEHK:973) 86.2 1,601.4 3.6 243.8 293.6 15.2 3,362.4 2.1 13.8 11.5L'Oréal S.A. (ENXTPA:OR) 97.6 30,842.0 3.5 6,733.3 7,717.6 21.8 155,595.0 5.0 23.1 20.2Nu Skin Enterprises, Inc. (NYSE:NUS) 50.8 2,686.4 7.3 412.1 445.6 15.3 2,703.7 1.0 6.6 6.1Oriflame Holding AG (OM:ORI) 71.6 1,410.9 1.3 189.1 186.0 13.4 1,552.0 1.1 8.2 8.3Revlon, Inc. (NYSE:REV) 68.5 2,557.0 10.1 133.4 263.0 5.2 4,199.9 1.6 31.5 16.0Sally Beauty Holdings, Inc. (NYSE:SBH) 50.9 3,897.6 (0.1) 555.6 554.2 14.3 3,067.9 0.8 5.5 5.5The Estée Lauder Companies Inc. (NYSE:EL) 99.1 14,568.0 9.4 3,114.0 3,363.3 21.4 68,098.4 4.7 21.9 20.2The Procter & Gamble Company (NYSE:PG) 99.8 67,093.0 0.7 17,704.0 17,882.0 26.4 308,879.8 4.6 17.4 17.3Ulta Beauty, Inc. (NasdaqGS:ULTA) 97.5 6,916.0 18.8 1,164.0 1,324.8 16.8 22,177.8 3.2 19.1 16.7Unilever PLC (LSE:ULVR) 98.1 58,371.9 (1.5) 15,983.5 13,256.4 27.4 179,016.7 3.1 11.2 13.5

Median 90.6 % 3.6 % $859.8 15.3 % $9,930.3 1.9 x 12.9 x 12.5 x

Mean 82.7 % 6.4 % $4,002.5 16.8 % $63,956.3 2.5 x 14.7 x 13.0 x

Food & beverage (10)Conagra Brands, Inc. (NYSE:CAG) 71.8 % $9,538.4 3.3 % $1,947.7 $2,137.6 20.4 % $23,856.8 2.5 x 12.2 x 11.2 xGeneral Mills, Inc. (NYSE:GIS) 97.6 16,865.2 0.6 3,618.8 3,606.8 21.5 46,208.7 2.7 12.8 12.8Hormel Foods Corporation (NYSE:HRL) 88.7 9,588.9 1.5 1,346.7 1,313.0 14.0 21,497.0 2.2 16.0 16.4Mondelez International, Inc. (NasdaqGS:MDLZ) 97.7 25,711.0 (3.2) 4,400.0 5,233.1 17.1 97,420.4 3.8 22.1 18.6Nestlé S.A. (SWX:NESN) 98.0 93,245.7 1.0 18,664.4 20,987.4 20.0 328,680.6 3.5 17.6 15.7PepsiCo, Inc. (NasdaqGS:PEP) 98.5 65,342.0 1.7 12,818.0 13,360.4 19.6 215,420.0 3.3 16.8 16.1The Coca-Cola Company (NYSE:KO) 99.6 32,250.0 (9.7) 10,687.0 11,793.8 33.1 255,964.9 7.9 24.0 21.7The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 70.3 2,364.4 (5.1) 169.8 203.6 7.2 2,951.9 1.2 17.4 14.5The J. M. Smucker Company (NYSE:SJM) 88.9 7,838.0 0.1 1,597.3 1,748.3 20.4 18,881.9 2.4 11.8 10.8TreeHouse Foods, Inc. (NYSE:THS) 81.9 5,632.0 15.1 494.1 543.8 8.8 5,608.4 1.0 11.4 10.3

Median 93.3 % 0.8 % $2,783.3 19.8 % $35,032.8 2.6 x 16.4 x 15.1 x

Mean 89.3 % 0.5 % $5,574.4 18.2 % $101,649.1 3.1 x 16.2 x 14.8 x

Home & garden (10)Central Garden & Pet Company (NasdaqGS:CENT) 64.2 % $2,295.9 9.5 % $203.0 $228.3 8.8 % $2,023.6 0.9 x 10.0 x NA xHelen of Troy Limited (NasdaqGS:HELE) 97.5 1,585.8 0.8 231.7 245.6 14.6 4,048.1 2.6 17.5 16.5iRobot Corporation (NasdaqGS:IRBT) 68.3 1,113.2 20.9 138.1 180.5 12.4 2,412.8 2.2 17.5 13.4Newell Brands Inc. (NasdaqGS:NWL) 53.6 8,531.5 12.7 961.4 1,038.5 11.3 13,914.8 1.6 14.5 13.4Snap-on Incorporated (NYSE:SNA) 84.3 4,059.2 4.0 1,039.6 1,076.5 25.6 9,849.0 2.4 9.5 9.1Stanley Black & Decker, Inc. (NYSE:SWK) 94.8 14,106.7 8.0 2,425.8 2,413.1 17.2 27,719.3 2.0 11.4 11.5The Clorox Company (NYSE:CLX) 94.3 6,278.0 3.2 1,291.0 1,357.1 20.6 22,560.8 3.6 17.5 16.6The Toro Company (NYSE:TTC) 89.7 2,760.1 4.6 440.0 551.0 15.9 7,801.5 2.8 17.7 14.2Tupperware Brands Corporation (NYSE:TUP) 41.8 2,014.4 (3.3) 355.8 358.4 17.7 1,767.5 0.9 5.0 4.9Whirlpool Corporation (NYSE:WHR) 93.6 20,886.0 0.4 1,885.0 2,001.4 9.0 15,639.1 0.7 8.3 7.8

Median 87.0 % 4.3 % $700.7 15.3 % $8,825.3 2.1 x 13.0 x 13.4 x

Mean 78.2 % 6.1 % $897.1 15.3 % $10,773.7 2.0 x 12.9 x 11.9 x

EV/Revenue


Consumer Products and Retail trading multiples (cont.)1


Historical Last twelve months NTM

Company (ticker)

% of 52 Week high LTM revenue

RevenueCAGR (3 Yr) LTM EBITDA

NTM EBITDA

EBITDA margin

Enterprise value ("EV")

EV/EBITDA

EV/EBITDA

($ in millions)

Restaurant & food services (18)Aramark (NYSE:ARMK) 83.4 % $16,150.5 4.1 % $1,419.7 $1,622.5 8.8 % $15,978.9 1.0 x 11.3 x 9.8 xBloomin' Brands, Inc. (NasdaqGS:BLMN) 79.3 4,138.1 (1.6) 381.8 417.0 9.2 4,053.4 1.0 10.6 9.7Brinker International, Inc. (NYSE:EAT) 72.2 3,200.9 0.6 380.2 368.4 11.9 2,666.3 0.8 7.0 7.2Chipotle Mexican Grill, Inc. (NYSE:CMG) 99.5 5,024.8 5.8 589.7 734.6 11.7 22,745.3 4.5 38.6 31.0Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 96.1 12,894.7 11.5 138.6 182.4 1.1 2,264.4 0.2 16.3 12.4Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 96.5 3,095.7 2.4 390.1 397.2 12.6 4,526.7 1.5 11.6 11.4Darden Restaurants, Inc. (NYSE:DRI) 99.5 8,510.4 7.1 1,188.2 1,293.6 14.0 15,812.9 1.9 13.3 12.2Dine Brands Global, Inc. (NYSE:DIN) 95.2 830.0 7.5 228.1 277.7 27.5 3,471.5 4.2 15.2 12.5Domino's Pizza, Inc. (NYSE:DPZ) 92.4 3,515.7 15.0 634.4 707.9 18.0 15,156.9 4.3 23.9 21.4Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 98.1 1,339.4 18.0 453.9 487.1 33.9 9,759.7 7.3 21.5 20.0Jack in the Box Inc. (NasdaqGS:JACK) 83.5 872.0 (17.4) 260.9 269.6 29.9 3,081.2 3.5 11.8 11.4Recipe Unlimited Corporation (TSX:RECP) 83.4 937.1 55.8 156.2 206.2 16.7 2,121.6 2.3 13.6 10.3SpartanNash Company (NasdaqGS:SPTN) 44.0 8,221.9 2.6 181.6 196.6 2.2 1,492.8 0.2 8.2 7.6Sysco Corporation (NYSE:SYY) 95.5 59,955.0 6.9 3,401.6 3,665.6 5.7 45,487.7 0.8 13.4 12.4Texas Roadhouse, Inc. (NasdaqGS:TXRH) 71.2 2,520.4 10.6 289.6 320.1 11.5 4,116.7 1.6 14.2 12.9The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 71.4 2,347.1 3.2 226.6 225.5 9.7 2,980.1 1.3 13.1 13.2United Natural Foods, Inc. (NYSE:UNFI) 21.4 17,572.2 28.3 383.4 622.3 2.2 3,699.9 0.2 9.7 5.9YUM! Brands, Inc. (NYSE:YUM) 99.3 5,571.0 1.9 1,896.0 2,095.8 34.0 44,542.5 8.0 23.5 21.3

Median 87.9 % 6.3 % $382.6 11.8 % $4,085.1 1.5 x 13.3 x 12.3 x

Mean 82.3 % 9.0 % $700.0 14.5 % $11,331.0 2.5 x 15.4 x 13.5 x

Apparel & specialty retail (10)Carter's, Inc. (NYSE:CRI) 79.2 % 3,447.5 4.1 % 484.6 510.6 14.1 % 5,540.5 1.6 x 11.4 x 10.9 xColumbia Sportswear Company (NasdaqGS:COLM) 93.2 2,849.6 6.3 % 450.1 466.7 15.8 6,679.2 2.3 14.8 14.3G-III Apparel Group, Ltd. (NasdaqGS:GIII) 55.9 3,098.0 9.4 % 274.1 308.7 8.8 2,114.1 0.7 7.7 6.8Guess?, Inc. (NYSE:GES) 61.4 2,625.1 6.5 % 183.4 200.2 7.0 2,377.2 0.9 13.0 11.9Hanesbrands Inc. (NYSE:HBI) 72.7 6,920.5 6.4 % 1,092.3 1,099.7 15.8 10,245.7 1.5 9.4 9.3Iconix Brand Group, Inc. (NasdaqGS:ICON) 13.2 175.1 (20.7) % 79.6 77.0 45.4 602.0 3.4 7.6 7.8Oxford Industries, Inc. (NYSE:OXM) 71.6 1,116.8 5.0 % 139.3 148.1 12.5 1,561.8 1.4 11.2 10.5PVH Corp. (NYSE:PVH) 55.8 9,698.5 6.4 % 1,319.1 1,393.9 13.6 11,129.4 1.1 8.4 8.0Ralph Lauren Corporation (NYSE:RL) 76.1 6,313.0 (5.2) % 973.9 1,046.1 15.4 7,634.1 1.2 7.8 7.3V.F. Corporation (NYSE:VFC) 91.6 13,848.7 NA % 2,211.2 1,925.0 16.0 37,542.6 2.7 17.0 19.5

Median 72.2 % 6.3 % $467.4 14.7 % $6,109.8 1.4 x 10.3 x 9.9 x

Mean 67.1 % 2.0 % $720.8 16.4 % $8,542.6 1.7 x 10.8 x 10.6 x

EV/Revenue


Recent Consumer Products and Retail M&A transactions1


Target/acquirorAnnouce

DateLTM

RevenueLTM

EBITDAEBITDA Margin

Enterprise Value ("EV")

EV/Revenue

EV/EBITDA

($ in Millions)

BCA Marketplace plc Pending $3,028.0 $168.8 5.6 % $2,258.4 0.7 x 13.4 xTDR Capital LLP

Shutterfly, Inc. Pending 2,086.8 216.6 10.4 2,737.5 1.3 12.6ARC Group

Lenta Limited Jun-19 413,562.2 35,492.4 8.6 3,162.8 0.0 0.1Severgroup LLC

Smart & Final Stores, Inc. Jun-19 4,770.3 157.4 3.3 2,077.5 0.4 13.2Apollo Management IX LP

Portfolio Of Wine And Spirits Brands And Six Winemaking Facilities of Constellation Brands, Inc. Apr-19 N/A N/A 1,700.0 N/A N/AE. & J. Gallo Winery, Inc.

Automotive Holdings Group Limited Pending 6,526.7 132.1 2.0 2,113.1 0.3 16.0A.P. Eagers Limited

Cookies and Fruit Snacks Business of Kellogg Company Pending 900.0 N/A N/A 1,300.0 1.4 N/AFerrero International S.A.

Chico's FAS, Inc. Pending 2,087.1 114.7 5.5 1,059.7 0.5 9.2Sycamore Partners

Boyner Perakende ve Tekstil Yatirimlari A.S. Pending 5,607.3 608.6 10.9 1,635.0 0.3 2.7Mayhoola for Investments LLC

Chongqing Department Store Co.,Ltd. Pending 34,040.6 975.8 2.9 7,782.3 0.2 8.0Chongqing General Trading (Group) Company Limited

Consumer Products Business of Tata Chemicals Limited Pending 18,470.0 3,160.0 17.1 57,959.5 3.1 18.3Tata Global Beverages Limited

Barnes & Noble, Inc. Pending 3,552.7 112.9 3.2 684.8 0.2 6.1Elliott Management Corporation; Elliott Associates, L.P.; Elliott International, L.P.

Prinova Group LLC Pending 777.5 N/A N/A 663.5 0.9 N/ANagase America Corporation

Lenta Limited Apr-19 413,562.2 35,492.4 8.6 3,165.6 0.0 0.1Severgroup LLC

Hudson's Bay Company Pending 9,304.0 (134.0) (1.4) 9,376.5 1.0 N/AAbrams Capital Management LP; Hanover Investments (Luxembourg) S.A.; L&T B (Cayman) Inc.; Fabric Luxembourg Holdings S.à r.l.

Dangote Flour Mills Plc Pending 108,788.9 1,068.0 1.0 161,609.4 1.5 151.3Olam International Limited

Wm. Bolthouse Farms, Inc. Jun-19 N/A N/A N/A 510.0 N/A N/AButterfly Enterprises, LLC

4 Subsidiaries Pending N/A N/A N/A 3,400.0 N/A N/AKunming Yanheng Automobile Sales Services Company Limited

Fitness Business of Brunswick Corporation Jun-19 N/A N/A N/A 490.0 N/A N/AKPS Capital Partners, LP

HyLife Ltd. Pending N/A N/A N/A 994.0 N/A N/ACharoen Pokphand Foods Public Company Limited

Global Business of Burger Söhne Pending N/A N/A N/A 465.0 N/A N/AAltria Group, Inc.

Median 5.5 % 0.5 x 10.9 x

Mean 6.0 % 0.8 x 20.9 x

Last Twelve Months


The undersigned acted as exclusive financial advisor to Spice World, Inc.

has been acquired

Select Deloitte Corporate Finance Consumer transactions


Kar Nut Products Company

has completed a recapitalization

Deloitte Corporate Finance LLC

Spice World, Inc.

has completed a recapitalization with

Gryphon Investors

American ImportingCompany, Inc.

The undersigned acted asfinancial advisor to

American Importing Company, Inc.


Treat American Limited and Company Kitchen, LLC

The undersigned acted as exclusive financial advisor to Treat America Limited

and Company Kitchen, LLC

has been acquired


Compass Group PLC


Sources cited

Page 2:

1. “Five major trends for the non-alcoholic beverage industry in 2019.” FoodBev Media, 4 July. 2019.

https://www.foodbev.com/news/five-major-trends-for-the-non-alcoholic-beverage-industry-in-2019, accessed on

July 16, 2019.

2. “Euromonitor Top 10 Global Consumer Trends 2019.” Beverage Daily, 29 March. 2019.

https://www.beveragedaily.com/Article/2019/03/28/Euromonitor-Top-10-Global-Consumer-Trends 2019,

accessed on July 16, 2019.

3. “Lamb Weston acquires Australian potato processor Ready Meals.” FoodBev Media, 24 June. 2019.

https://www.foodbev.com/news/lamb-weston-acquires-australian-potato-processor-ready-meals, accessed on

July 16, 2019.

4. “Falfurrias to buy C.F. Sauer’s food business.” The PE Hub Network, 21 June. 2019.

https://www.pehub.com/2019/06/falfurrias-to-buy-c-f-sauers-food-business, accessed on July 16, 2019.

Page 3:

1. U.S. Bureau of Economic Analysis, https://data.oecd.org, accessed July 16, 2019. Data as of December 31, 2019.

2. U.S. Department of the Treasury, https://www.treasury.gov, accessed July 16, 2019. Data as of December 31,

2019.

3. Bureau of Labor Statistics, https://data.bls.gov, accessed July 16, 2019. Data as of July 16, 2019.

4. S&P Capital IQ, https://www.capitaliq.com, accessed July 16, 2019. Data as of July 16, 2019.

5. IBISWorld, https://www.ibisworld.com, accessed July 16, 2019. Data as of July 16, 2019.

6. S&P Capital IQ, https://www.capitaliq.com, accessed July 16, 2019. Data as of July 16, 2019.

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1. S&P Capital IQ, https://www.capitaliq.com, accessed July 16, 2019. Data as of July 16, 2019


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